j 


->r — v'v — it- 


OF  THE 


Gljicago  Mining 


CHICAGO: 

ADAM  CKA1G  &  CO.,  BOOK  AND  JOIi  PRINTERS, 

180  &  182  Monroe  St., 
1882. 


Chicago  Mining  Exchange, 


OFFICERS: 

G.  R.  YERHON,  Pres. 
E.  M.  GREENE,  Sec.  E.  E.  WOOD.  Treas. 


CHICAGO: 

A.  CRAIG  ft  CO.,  BOOK  AND  JOB  PRINTERS, 

180  &  182  Monroe  St., 
i88a. 


BY-LAWS 

5_£^OF  THE^J 

CHICAGO  MIHIHG  EXCHAHGE. 


RETICLE  I. 

The  management,  direction  and  control  of  the 
affairs  of  this  Exchange,  shall  be  exercised  and 
controlled  by  a  board  of  seven  Directors,  who 
shall  be  elected  after  the  first  year  at  each  an- 
nual meeting  of  the  members  of  this  Association 
from  among  the  members,  and  shall  hold  their 
offices  for  one  year,  or  until  their  successors  shall 
have  been  duly  elected. 

AETICLE  II. 

The  annual  meeting  of  the  members  of  this 
Exchange  shall  be  held  at  its  general  office,  in 
the  city  of  Chicago,  State  of.  Illinois,  on  the  sec- 
ond Monday  in  April,  in  each  year.  A  notice  of 
such  meeting  shall  be  signed  by  the  Secretary, 
and  published  in  a  public  newspaper,  in  Chicago, 
Illinois,  at  least  ten  days  before  such  meeting, 
and  the  Secretary  shall  also  mail  a  written  or 
printed  notice  to  each  member  at  least  ten  days 
before  said  day. 

AKTICLE  III. 

The  officers  of  this  Exchange  shall  be  elected 
by  the  Board  of  Directors,  and  shall  consist  of  a 
President,  Yice-President,  Treasurer  and  Secre- 
tary, and  such  other  officers  as  shall  from  time  to 
time  be  provided  by  the  Directors.  The  officers 


shall  hold  their  respective  offices  for  one  year, 
and  until  their  successors  are  elected  and  quali- 
fied ;  provided,  that  any  officer  may  be  removed 
by  the  Directors  when  the  interests  of  the  Ex- . 
change  require.  The  Directors  shall  also  have 
power  to  fill  all  vacancies  which  may  occur  in 
the  Directory  and  among  the  offices  of  the  Ex- 
change. 

ARTICLE  IV. 

It  shall  be  the  duty  of  the  President  to  act  as 
the  general  executive  officer  of  the  Exchange 
and  of  the  Board  of  Directors,  to  preside  at  all 
meetings  of  the  Exchange  and  of  the  Board  of 
Directors,  and  to  direct  the  proceedings  of  each 
in  accordance  with  the  by-laws  and  rules 
of  order  governing  the  same,  to  call  special 
meetings  of  the  Board  of  Directors,  and  of  the 
Exchange,  and  generally  to  perform  such  other 
duties  as  devolve  upon  the  presiding  officer. 

AETICLE  Y. 

It  shall  be  the  duty  of  the  Yice-President  to 
perform  the  duties  of  the  President  in  case  of 
his  absence  or  disability. 

AETICLE  YI. 

DUTIES  OF  CHAIRMAN  AND  YICE-CHAIRMAN, 
SECTION  3. — It  shall  be  the  duty  of  the  Chair- 
man to  preside  over  the  Exchange  whenever  it 
shall  be  assembled  for  business ;  to  call  the  Stocks 
and  Bonds,  maintain  order,  enforce  the  rules, 
and  perform  such  other  duties  as  properly  per- 
taining to  the  office. 

The  Secretary  of  the  Exchange  shall  be  Vice- 
Chairman,  and  in  the  absence  of  the  Chairman 
shall  assume  all  his  duties  and  functions. 


AKTICLE  VII. 

The  Treasurer  shall  receive  all  funds  belonging 
to  the  Exchange,  from  the  Secretary,  and  shall 
disburse  the  same  on  the  order  of  the  Secretary 
Counter-Signed  by  the  President.  He  shall  make 
a  monthly  report  to  the  Board  of  Directors.  Also 
an  annual  report  at  the  meetings  of  the  members 
of  the  Exchange. 

The  accounts  of  the  Treasurer  shall  be  kept  in 
books  belonging  to  the  Exchange,  which  books 
shall  be  at  all  times  open  for  the  examination  of 
the  Board  of  Directors  or  any  Committee  of  said 
Board.  The  Treasurer  shall  also  give  a  Bond  for 
the  faithful  performance  of  his  duties,  in  such  sum 
as  may  be  required  by  the  Board  of  Directors. 

ARTICLE  VIII. 

The  Secretary,  under  the  control  and  direction 
of  the  Board  of  Directors,  shall  keep  a  journal  of 
the  proceedings  of  the  Exchange,  take  charge 
of  the  seal,  books,  papers,  and  property  belonging 
to  the  Exchange,  he  shall  furnish  to  the  Chair- 
man, of  every  special  committee,  a  copy  of  the 
resolutions  whereby  such  Committee  shall  have 
been  appointed,  and  under  the  direction  of  the 
President  he  shall  give  notice  of  any  meetings  of 
the  Board  of  Directors,  or  of  the  Exchange.  He 
shall  conduct  the  correspondence  of  the  Exchange 
and  read  such  records  or  papers  as  the  presi- 
ding officer  may  direct,  shall  attend  meetings  of 
Committees,  and  of  the  Board  of  Directors,  and 
keep  an  official  record  of  their  proceedings,  give 
notice  when  their  services  are  required,  issue  the 
necessary  notices  and  papers  to  parties.  He  shall 
collect  all  moneys  due  the  Exchange  for  Assess- 
ments, fines,  fees  or  otherwise,  and  pay  the  same 
to  the  Treasurer,  shall  keep  his  office  open  during 


6 

business  hours,  shall  see  that  the  rooms  and  pro- 
perty of  the  Exchange  are  kept  in  good  order, 
and  shall  perform  such  other  duties  as  the  Board 
of  Directors  may  from  time  to  time  direct.  He 
is  authorized  to  employ  an  assistant  at  a  salary 
to  be  fixed  by  the  Board  of  Directors. 

AETICLE  IX. 

The  Board  of  Directors  may  call  special  meet- 
ings of  the  members  of  this  Exchange  at  such 
time  as  may  be  designated  in  the  call,  and  in 
such  case  it  shall  be  the  duty  of  the  Secretary  of 
this  Exchange,  at  least  ten  days  before  the  time 
fixed  for  holding  said  meeting,  to  mail  to  each 
member,  whose  address  he  knows,  a  notice  speci- 
fying the  time  and  place  of  holding  said  meeting, 
and  briefly  stating  the  subjects  which  will  come 
before  the  meeting,  if  the  same  have  not  been 
mentioned  in  the  call.  And  the  Secretary  shall 
cause  to  be  published  in  a  newspaper  published 
in  the  city  of  Chicago,  at  least  ten  days  prior 
to  the  time  of  holding  the  meeting,  a  notice  of 
like  effect. 

AETICLE  X. 

At  all  meetings  of  the  Board  of  Directors  of 
this  Exchange,  a  majority  of  the  Board  shall 
constitute  a  quorum  for  the  transaction  of  all 
business,  and  in  case  there  be  no  quorum  present 
on  the  day  fixed  for  the  regular  meeting,  the  mem- 
bers present  may  adjourn  the  meeting  from-. time 
to  time  until  a  quorum  be  obtained,  or  may  ad- 
journ sine  die. 

AETICLE  XI. 

There  shall  be  a  regular  monthly  meeting  of 
the  Board  of  Directors  of  this  Exchange  on 
the  second  Monday  of  each  month,  at  the  gener- 


7 

al  office,  for  the  transaction  of  such  business  as 
may  come  before  them. 

AETICLE  XII. 

The  President  of  this  Exchange  shall  have 
power  to  call  special  meetings  of  the  Board 
whenever  he  deems  it  expedient  so  to  do,  and  it 
shall  be  his  duty  to  call  special  meetings  of  the 
Board  whenever  three  Directors  of  the  Exchange 
shall  request  Him  so  to  do.  And  shall  state 
the  object  of  such  meeting.  The  Secretary  of 
the  Exchange  shall  give  to  each  Director  at 
least  one  day's  notice  of  such  meeting. 

AETICLE  XIII. 

The  Board  shall  have  power  to  suspend  or  dis- 
miss, for  cause,  any  officer  or  member  of  Ex- 
change. 

AETICLE  XIV. 

The  order  of  business  at  all  meetings  of  the 
Board  of  Directors  shall  be  as  follows : 

.Firss^-Eeading  minutes  of  last  meeting. 

Second — Consideration  of  any  communications 
to  the  Board. 

Third — Eeports  of  officers  to  the  Board. 

Fourth — Eeports  of  committees. 

Fifth — Unfinished  business. 

Sixth — Original  resolutions  aud  new  business. 

AETICLE  XV. 

Any  person  of  good  character  and  credit,  on 
presenting  a  written  application  endorsed  by  two 
members,  and  stating  the  name  and  business 
avocation  of  the  applicant,  after  ten  days  notice 
of  such  application  shall  have  been  posted  on 
the  bulletin  of  the  exchange,  may  be  admitted  to 
membership  in  the  Exchange  upon  approval  by 
a  majority  of  the  Board  of  Directors  and  upon 


8 

payment  of  the  initiation  fee,  of  such  sum  as  may 
be  determined  by  the  Board  of  Directors,  or  on 
presentation  of  a  certificate  of  unimpaired  or 
unforfeited  membership,  duly  transferred.  And 
by  signing  an  agreement  to  abide  by  the  rules, 
regulations,  and  by-laws  of  the  Exchange,  and 
all  amendments  that  may  in  due  form  be  made 
thereto.  Every  member  shall  be  entitled  to 
receive  a  certificate  of  membership  bearing  the 
corporate  seal  of  the  association  and  the  signa- 
tures of  the  President  and  Secretary,  and  if  the 
member  in  whose  name  said  certificate  stands 
has  paid  all  assessments  due,  and  has  against  him 
no  outstanding  unadjusted  or  unsettled  claims, 
or  contracts  held  by  members  of  the  Exchange, 
said  membership  is  not  in  any  way  impaired  or 
forfeited,  it  shall  upon  the  payment  of  twenty-five 
dollars  be  transferable  upon  the  books  of  the  Ex- 
change to  any  person  eligible  to  membership, 
who  may  be  approved  by  the  Board  of  Directors 
after  due  notice  by  posting  as  above  provided. 
The  membership  of  a  deceased  member  shall  be 
transferable  in  like  manner ;  by  his  legal  repre- 
sentatives, prior  to  the  transfer  of  any  member- 
ship application  for  such  transfer,  shall  be  posted 
on  the  bulletin  of  the  exchange  for  at  least  ten 
days,  when  if  no  objection  is  made,  it  shall  be 
assumed  that  a  member  has  no  outstanding 
claims  against  him. 

AETICLE  XVI. 

STANDING  COMMITTEES. 

As  speedily  as  possible  after  each  annual  elec- 
tion, the  Directors  shall  appoint  from  their  own 
members  the  following  Standing  Committees  for 
the  year : 

1st. — A  Finance  Committee  of  three  (3). 


2d. — A  Committee  on  Membership,  to  consist 
of  three  (3). 

3d. — A  Committee  of  Arrangements,  to  consist 
of  three  (3). 

4th. — A  Committee  on  Securities,  to  consist  of 
three  (3). 

5th. — An  Arbitration  Committee,  to  consist  of 
three  (3). 

AETICLE  XVII. 

DUTIES  OF  STANDING  COMMITTEES. 

FINANCE  COMMITTEE. 

SECTION  1. — It  shall  be  the  duty  of  the  Finance 
Committee  to  supervise  the  finances  of  the  Ex- 
change, to  audit  the  accounts  of  the  Treasurer, 
and  to  direct  the  investment  of  any  surplus  funds 
on  hand,  as  they  may  deem  advisable  for  the 
interests  of  the  Exchange,  subject,  however,  to 
the  approval  of  the  Board  of  Directors. 

COMMITTEE   ON   MEMBERSHIP. 

SECTION  2. — The  Committee  on  Membership 
shall  have  jurisdiction  over  all  admissions  to 
membership  in  the  Exchange.  All  applications 
for  membership  should  be  addressed  to  the  Chair- 
man of  the  Committee,  and  must  be  seconded 
by  a  member  of  the  Exchange.  The 
name  of  the  applicant  and  the  names  of  his 
endorsers  should  be  conspicuously  posted  in  the 
business  room  of  the  Exchange,  with  a  notice 
requesting  the  members  to  inform  this  Committee, 
in  writing,  of  any  objections  they  may  have  to 
the  person  named,  such  communication  to  be  duly 
considered  in  Committee  and  to  be  held  confi- 
dential. The  Committee  shall  make  diligent  in- 
quiry as  to  the  qualifications  of  the  applicant,  and 
if  at  the  expiration  of  not  less  than  ten  (10) 


10 

business  days,  two  (2)  members  of  said  Committee 
shall  be  in  favor  of  admission,  they  shall  so  re- 
port to  the  Board  of  Directors,  and  if  elected 
by  a  majority  vote  of  said  Board  of  Directors, 
shall  become  a  member,  provided  that  within 
ten  (10)  business  days  after  being  elected, 
he  shall  sign  the  Constitution,-  and  pay  the 
initiation  fee,  otherwise  his  election  shall  be 
null  and  void.  Whenever  any  member  of 
this  Exchange  shall  desire,  to  discontinue  his 
membership  and  to  nominate  a  successor,  he 
shall  send  a  written  communication  to  the  Chair- 
man of  the  Committee  on  Membership  stating 
the  fact,  with  an  official  nomination  of  a  suc- 
cessor, who  shall  pay  to  the  Chairman  of  the 
Committee  the  amount  of  consideration  for  said 
nomination.  The  Committee  shall  then  cause  a 
notice  to  be  posted  in  the  business  room  of  the 
Exchange  which  shall  state  the  name  of  the 
member  desiring  to  withdraw  and  invite  the  filing 
of  claims  against  said  member,  and  if  after  the 
expiration  of  ten  (10)  days  from  the  first  posting 
of  such  notice  the  nominated  successor  shall  have 
been  elected  to  membership  in  the  manner  pre- 
scribed in  the  preceding  section  of  this  article, 
the  money  deposited  with  the  Chairman  shall  be 
distributed  by  him  in  the  following  manner,  i.  e. : 

1st. — To  this  Exchange  to  the  extent  of  any 
money  due  it. 

2d. — In  payment,  pro  rata,  of  claims  filed  by 
members  and  adjudicated  as  valid. 

3d. — The  remainder,  if  any,  to  the  retiring 
member,  or  his  legal  representatives.  And  on 
the  first  posting  of  the  notice  of  withdrawal  of 
such  member,  he  shall  discontinue  active  mem- 
bership and  the  making  of  new  contracts  with 
members,  and  when  the  successor  shall  be  ad- 


11 

mitted  to  membership  the  prior  membership  shall 
cease  and  be  void,  but  if  the  nominee  shall  be 
rejected  or  fail  to  qualify,  the  member  may 
name  another  successor,  or  may  resume  active 
membership,  provided  that  there  shall  be  no 
claims  against  him. 
No  minor  shall  be  eligible  to  membership. 

COMMITTEE  OF  ARRANGEMENTS. 

SECTION  3. — It  shall  be  the  duty  of  the  Com- 
mittee of  Arrangements  to  enforce  all  rules  and 
regulations  necessary  for  good  order  and  the  com- 
fort of  the  members. 

They  shall  determine  the  number,  duty  and 
pay  of  all  employees  other  than  the  officers,  and 
shall  have  a  general  supervision  of  all  the  Depart- 
ments of  the  Exchange. 

COMMITTEE  ON  SECURITIES. 

SECTION  4. — The  Committee  on  Securities  shall 
examine  and  report  upon  all  stocks  or  other 
securities  entered,  or  to  be  entered  upon  the  lists 
of  the  Exchange  and  all  applications  to  place 
securities  upon  the  lists  shall  be  made  to  them. 

ARBITRATION  COMMITTEE. 

SECTION  5. — It  shall  be  the  duty  of  the  Arbitra- 
tion Committee  to  take  cognizance  of,  and  exer- 
cise jurisdiction  over  all  claims  and  all  matters  of 
difference  between  members  of  the  Exchange, 
and  their  decision  shall  be  binding;  provided, 
however,  that  an  appeal  from  the  judgment  of 
the  Arbitration  Committee  may  be  taken  to  the 
Board  of  Directors  in  any  case,  upon  the  condition 
that  notice  shall  be  given  by  the  appellant  to  the 
appellee  within  one  week  of  the  rendition  of  the 
verdict  of  the  Arbitration  Committee  of  his  in- 
tention to  appeal  the  case. 


12 

The  Chairman  of  the  Arbitration  Committee 
shall  have  power,  and  it  shall  be  his  duty,  to  call 
meetings  of  that  Committee  for  the  settlement 
of  differences  or  disputes  between  members,  and 
he  shall  preside  thereat. 

CALL  OF  MEETINGS. 

SECTION  8. — In  the  absence  of  the  Chairman  of 
any  committee  except  the  Governing  Committee, 
the  Secretary  of  the  Exchange  may  call  a  meet- 
ing of  the  committee  at  the  written  request  of 
two  of  its  members,  and  a  quorum  present  may 
choose  a  chairman  pro  tern. 

SECTION  9. — Neither  the  Chairman  nor  the 
Vice- Chairman  shall  be  permitted  to  operate  in 
Stocks  during  the  period  he  is  presiding.  In 
the  absence  of  both,  the  President  may  appoint, 
or  the  members  choose,  a  Chairman,  pro  tern, 
with  full  powers. 

The  Presiding  Officer  shall  determine  all  ques- 
tions of  order. 

ARTICLE  XVIII, 
PAETNEBSHIPS. 

Whenever  a  member  shall  form  a  partnership 
with  any  other  member  or  person,  he  shall  im- 
mediately give  notice  thereof  to  the  Secretary. 
In  like  manner,  notice  must  be  given  of  any  dis- 
solution of  partnership,  and  it  shall  be  the  duty 
of  Secretary  to  keep  a  record  of  all  partnerships 
and  dissolutions.  No  member  of  this  Exchange 
shall  be  allowed  to  take  as  a  partner  any  sus- 
pended member  thereof,  during  the  period  of  his 
suspension,  or  to  form  a  partnership  with  any 
insolvent  person. 


13 

AETICLE  XIX. 

EXPULSION  FOR  FRAUD. 

Should  any  member  of  this  Exchange  be  guilty 
of  obvious  fraud — of  which  the  Board  of  Directors 
shall  be  judge — he  shall,  upon  conviction  thereof, 
by  a  vote  of  eighteen  (18)  of  the  members  of  said 
Committee  be  expelled. 

In  event  of  charges  of  fraud  or  false  pretense 
being  preferred  before  the  Board  of  Directors  or 
in  the  Courts,  the  Committee,  if  the  evidence 
"  prima  facie"  seems  to  a  majority  to  warrant 
such  action,  may  suspend  the  member  at  their 
discretion,  pending  the  adjudication  of  the 
charges. 

AETICLE  XX. 

OBLIGATIONS  OF  MEMBERS  IN  SIGNING  THE  CONSTI- 
TUTION. 

The  signing  of  the  Constitution  of  this  Ex- 
change shall  be  construed  as  an  obligation  and 
pledge  of  each  member  to  abide  by  the  same,  and 
also  by  all  By-laws,  Rules  or  Regulations  which 
may  hereafter  be  adopted ;  and  any  member  re- 
fusing to  comply  with  the  Laws  of  the  Exchange, 
shall  be  reported  to  the  Board  of  Directors  and 
may  have  an  hearing,  and  if  said  Board 
decide,  by  a  majority  vote  of  their  num- 
ber that  the  complaint  is  proven,  they  may  de- 
clare him  no  longer  a  member  of  the  Exchange. 

The  property,  leases,  contracts,  etc.,  paid  for 
by  this  Exchange  shall  be  held  by  the  President 
and  Treasurer  of  the  Exchange — for  the  time 
being — for  the  joint  usage  and  interests  of  the 
Exchange  as  a  whole,  but  no  member  shall  have 
any  individual  or  separate  usage  in,  or  of,  the 
same,  apart  from  his  privileges  while  an  active 


14 

member  under  the  rules  of  the  Exchange,  nor 
shall  he  have  any  devisable  interests  in,  or  claim 
to  the  said  assets,  excepting  as  to  the  members, 
at  the  time  being,  in  case  of  any  dissolution  and 
sale  and  division  of  the  proceeds  of  such  property. 
The  payment  of  the  initiation  fee  shall  be  an 
absolute  contribution  to  the  Exchange  for  the 
privilege  of  membership  under  the  rules,  and  shall 
confer  no  right  of  property  except  to  members  at 
the  time  of  any  dissolution,  but  a  membership 
not  forfeited  to  the  Exchange,  shall  confer  the 
right  to  nominate  a  successor,  subject  to  the 
arbitrary  election  of  such  successor  to  member- 
ship in  the  Exchange. 

AETICLE  XXI. 

SUSPENDED  MEMBERS,  EE-ADMISSION,  CLAIMS  OF 
CEEDITOES,  ETC. 

SECTION  1. — Any  member  who  may  fail  to  com- 
ply with  his  contracts  or  who  shall  become 
insolvent,  shall  be  suspended  until  he  has  settled 
with  his  creditors. 

Such  member  shall  immediately  inform  the 
President,  in  writing,  that  he  is  unable  to  meet 
his  engagements ;  and  it  shall  be  the  duty  of  the 
presiding  officer,  there  upon  to  give  notice,  from 
the  chair,  of  the  suspension  of  such  member.  The 
Secretary  shall  record  the  failure  of  such  mem- 
ber in  a  book  kept  for  that  purpose.  In  default 
of  giving  such  information,  the  party,  on  applica- 
tion for  re-admission,  shall  not  be  entitled  to  a 
reference  of  his  case  to  the  Committee  of  Mem- 
bership, unless  two -thirds  of  the  members  of  the 
Board  of  Directors  present  shall  vote  in  favor  of 
such  reference. 

SECTION  2. — When  a  suspended  member  applies 
for  re-admission,  he  shall  be  required  to  furnish 


15 

to  the  Chairman  of  the  Committee  on  Member- 
ship, a  list  of  his  creditors  and  a  statement  of  the 
amounts  owing,  and  the  nature  of  his  settlement 
in  each  case.  The  Committee  shall  give  notice, 
for  three  consecutive  days  through  the  Presiding 
Officer  of  the  Exchange  or  by  posting  the  same 
on  the  bulletin  board  provided  for  that  purpose, 
of  the  time  and  place  of  meeting  to  consider  the 
application  of  the  suspended  member  and  the 
claims  of  creditors.  Upon  the  applicant  presen- 
ting satisfactory  proof  of  his  settlement  with  all 
his  creditors  the  Committee  shall  proceed  to 
ballot  for  him,  in  accordance  with  its  prescribed 
rules  and  regulations.  Failing  of  a  re-election, 
the  applicant  shall  be  entitled  to  be  balloted  for 
at  every  five  subsequent  regular  meetings  of  the 
Committee,  to  be  designated  by  himself.  Pro- 
vided, however,  that  the  six  ballotings  to  which 
the  applicant  shall  be  entitled,  shall  be  within 
one  year  from  the  time  of  his  application  for  re- 
admission.  If,  after  six  ballotings  as  aforesaid, 
the  candidate  is  rejected,  he  may  appeal,  within 
sixty  days  thereafter,  to  the  Board  of  Directors, 
whose  action  in  the  case  shall  be  final.  If 
rejected  by  the  Board  of  Directors,  he  shall 
cease  to  be  a  member  of  the  Exchange,  and  his 
name  shall  forthwith  be  stricken  from  the  roll, 
and  his  right  to  nominate  a  successor  shall  be 
disposed  of  by  the  Committee  on  Membership. 
The  question  on  approval,  however,  shall  not  be 
taken  unless^two-thirds  of  the  Board  of  Directors 
are  present,  and  it  shall  require  an  affirmative 
vote  of  at  least  seventeen  members  to  re-instate 
the  applicant. 

SECTION  3. — If  any  suspended  member  shall  fail 
to  settle  with  his  creditors  and  apply  for  re- 
admission  within  one  year  from  the  time  of  his 


16 

suspension,  his  membership  shall  cease  and  the 
nomination  of  a  successor  shall  be  disposed  of  by 
the  Committee  on  Membership  and  the  proceeds 
paid  pro  rata  to  his  creditors  in  the  Exchange. 
The  Board  of  Directors  may ;  by  a  vote  of  two- 
thirds  of  the  members  present,  extend  the  time 
for  settlement  and  for  application  for  re- 
admission,  of  such  suspended  member.  No  claims 
growing  out  of  transactions  between  partners 
shall  be  admitted  to  share  in  the  proceeds  of  the 
membership  of  one  of  such  partners  until  after 
such  filed  by  other  creditors  who  are  members  of 
the  Exchange  shall  have  been  satisfied. 

SECTION  4. — Any  creditor  failing  to  file  with  the 
Secretary  of  the  Committee  on  Membership  a 
written  statement  of  his  claim  against  a  member, 
prior  to  the  transfer  of  the  right  to  nominate  a 
successor  of  such  member  shall  forfeit  all  right  to 
a  distributed  share  of  the  proceeds  of  the  sale  of 
such  right. 

SECTION  5. — No  member  of  the  Exchange  shall 
be  allowed  to  take  as  partner  any  suspended 
member  thereof,  during  the  period  of  his  suspent 
sion,  or  to  form  a  partnership  with  any  insolven- 
person,  or  with  any  person  who  may  have  pre- 
viously been  a  member  of  the  Exchange,  and 
against  whom  any  member  may  hold  a  claim 
arising  out  of  transactions  made  during  the  time 
of  such  membership,  and  which  has  not  been 
settled  or  released  in  accordance  with  the  laws  of 
the  Exchange. 

AETICLE  XXII. 

ELECTIONS,  QUORUMS,  MEMBERS  OF  A  FIRM 
VOTING,  ETC. 

SECTION  1. — Any  member  of  the  Exchange  shall 
be  entitled  to  vote  at  an  election  for  Officers. 


17 

SECTION  2. — The  members  present  at  the  daily 
sessions  of  the  Exchange  shall  constitute  a 
quorum  for  the  settlement  of  disputes  growing 
out  of  the  purchases  and  sales  made  during  such 
sessions.  When  the  Exchange  shall  he  assembled 
to  vote  on  questions  other  than  the  above,  a 
majority  of  all  the  members  of  the  Exchange 
shall  be  necessary  to  a  quorum. 

SECTION  3. — Only  one  member  of  a  firm  shall  be 
allowed  to  transact  business  in  the  same  security, 
at  the  same  time,  or  vote  on  the  questions  of  dis- 
pute. 

AETICLE  XXIII. 

ANNUAL  DUES. 

Each  member  of  this  Exchange  shall  pay 
quarterly  the  sum  of  five  dollars  ($5.00)  to  the 
Secretary  of  the  Exchange.  Any  member 
neglecting  or  refusing  to  make  this  payment  at 
the  time  named,  unless  for  some  reason  that  may 
be  satisfactory  to  the  Board  of  Directors,  may  be 
suspended  from  the  privileges  of  this  Exchange. 

AETICLE  XXIV. 
DEPOSITS  MAY  BE  CALLED. 

On  all  contracts  other  than  cash,  either  party 
may  call  at  any  time  during  the  continuance  of 
the  contract  for  a  mutual  deposit  of  twenty  per 
cent,  on  the  contract  price. 

Whenever  the  market  price  of  the  stock  shall 
change  from  contract  price,  either  way,  the  party 
in  whose  favor  the  change  occurs  may  call  on  the 
other  for  "  marginal"  deposits  from  time  to  time, 
to  secure  the  contract  to  the  market  price,  as  in 
cases  of  borrowed  stocks;  the  "marginal"  de- 
posits to  be  made  with  the  caller,  unless  the 


18 

payer  shall  elect  to  deposit  with  an  agreed  third 
party. 

In  cases  where  deposits  are  called  for  before 
two  o'clock,  they  shall  be  made  at,  or  before  half 
past  two  o'clock  of  the  same;  if  called  after  two 
o'clock  they  shall  be  made  before  noon  of  the  next 
day. 

In  case  either  party  should  fail  to  comply  with 
a  demand  for  a  deposit,  in  accordance  with  the 
provisions  of  this  Article,  it  shall  be  at  the  option 
of  the  other  party  to  elect  whether  to  close  in  the 
manner  provided  in  Article  21  of  these  By-laws, 
or  to  continue  said  contract,  and  if  no  deposit 
shall  have  been  made  previously  on  the  contract, 
he  may  even  elect  to  annul  the  contract,  which 
election  shall  be  announced  to  the  Exchange  in 
open  session,  and  a  minute  made  thereof  in  the 
records. 

Whenever  there  is  a  difference  between  con- 
tractors as  to  the  place  of  deposit,  it  shall  be  made 
in  some  Bank  designated  by  the  Directors. 

Whenever  the  seller  of  a  stock  shall  deposit  in 
any  Bank  a  margin  equivalent  to  one  hundred 
per  centum  of  the  contract  price  and  a  further 
deposit  is  called,  it  shall  be  at  his  option  either 
to  deliver  the  stock,  or  to  make  further  deposit. 
Or  the  seller  may  may  deposit  the  stock  covered 
by  the  contract  in  lieu  of  all  deposits  on  his  behalf 
to  guarantee  its  delivery  by  him. 

AETICLE  XXV. 

WHEKE  CONTRACTS  ABE  NOT  FULFILLED. 

Should  any  member  refuse  to  fill  his  contract 
on  the  day  it  becomes  due,  the  party  contracting 
with  him  may  employ  the  presiding  officer  to  sell 
the  stock,  as  the  case  may  be,  at  the  business 


19 


room  of  the  Exchange  during  open  session,  and 
he  shall  in  all  cases,  where  the  stocks  are  bought 
and  sold  under  this  rule,  buy  in  such  manner  as 
in  his  judgment  will  secure  the  stock  at  the  lowest 
price ;  and  when  instructed  to  sell  stock  under 
the  rule,  to  sell  in  such  a  manner  as  will  in  his 
judgment  secure  the  highest  price,  provided  that 
such  contracting  party  shall  first  have  notified 
the  other  party  personally  or  by  leaving  written 
notice  at  his  office,  of  the  intended  time  of  sale 
or  purchaser  accounting  to  the  member  in  default 
for  any  surplus  or  charging  him  with  any  de- 
ficiency. 

If  such  party  has  no  office  and  cannot  be  found 
after  suitable  search,  then  such  stock  may  be 
bought  or  sold  and  without  notice. 

AETICLE  XXVI. 

These  By-laws,  or  any  of  them,  may  be  altered, 
amended,  or  repealed,  at  any  regular  meeting  of 
the  Board  of  Directors,  by  a  majority  of  the 
Board. 

AETICLE  XXVII. 

HOUES  FOB  BUSINESS. 

SECTION  1. — The  business  room  of  the  Ex- 
change shall  be  open  for  dealings  on  every  busi- 
ness day  between  the  hours  of  10.30  a.  m.,  and  2 
o'clock  p.  m.,  unless  otherwise  ordered. 

SECTION  2. — No  member  of  this  Exchange  shall 
be  permitted — directly  or  indirectly — to  make  any 
transactions  in  the  Stocks  or  other  securities  on 
the  lists  of  the  Exchange  or  its  vicinity  during 
the  hours  in  which  the  same  shall  be  closed. 

SECTION  3.  1st. — First  call  of  the  regular  list  of 
stocks,  at  10.30  a.  m. 


20 

2d. — Miscellaneous  business. 

3d. — Calls  of  the  regular  or  special  lists  of 
stock,  as  may  be  from  time  to  time  established  by 
the  Exchange. 

AETICLE  XXVIII. 
OFFERS  AND  BIDS. 

SECTION  1. — All  offers  to  buy  or  sell  securities 
shall  be  binding  and  no  member  may  withdraw 
an  offer,  except  in  an  audible  voice  to  the  pre- 
siding officer ;  but  a  sale  shall  take  all  offers  off 
the  floor.  No  offer  or  bid  shah1  be  recognized 
between  partners  and  members  of  one  firm. 

All  offers  to  buy  or  sell  shall  be  per  share ;  and 
at  such  percentages  of  difference  as  the  Board  of 
Directors  shall  fix  for  the  dealings  in  the  various 
stocks,  and,  when  not  otherwise  stated,  shall 
be  considered  as  made  for  the  regular  way,  and 
for  lots  of  one  hundred  shares. 

SECTION  2. — Offers  to  buy  or  sell  shall  be  entitled 
to  precedence  in  the  following  order : 

1st. — Bids  "  seller  three  days"  and  offers  to  sell 
"buyer  three  days,"  shall  take  precedence  of 
"cash"  and  "regular." 

2d. — "  ("lash"  and  "regular"  bids  and  offers  may 
be  made  simultaneously,  as  being  essentially 
different  propositions. 

3d. — Offers  to  buy  or  sell  on  longer  options 
than  three  days,  may  be  made  at  the  same  time 
with  offers  to  buy  or  sell  "buyer"  or  "seller 
three." 

4th. — In  offers  to  buy  on  seller's  option  or  to 
sell  on  buyer's  option,  the  longest  option  shall 
have  precedence. 

5th. — In  offers  to  buy  on  buyer's  option  or  sell 
on  seller's  option,  the  shortest  option  shall  have 
precedence. 


21 

No  other  bids  or  offers  shall  he  permitted,  or 
have  any  standing  upon  the  floor. 

No  contracts  beyond  sixty  days  shall  be  made. 

SECTION  3. — No  party  to  a  contract  shall  be 
compelled  to  accept  a  principal  other  than  the 
member  offering  to  contract,  unless  the  name 
proposed  to  be  substituted  shall  be  satisfactory, 
or  shah1  be  declared  at  the  time  of  making  the 
offer. 

AETICLE  XXIX. 

INTEEEST. 

All  contracts  over  three  days  shall  bear  interest 
at  the  rate  of  six  per  cent,  per  annum,  except 
when  bought  or  sold  "  flat." 

All  other  contracts  shall  bear  no  interest. 

The  word  "  flat"  shall  be  understood  to  mean 
free  of  interest  only,  and  shall  have  no  reference 
to  dividends  or  assessments. 

AKTICLE  XXX. 

DELIVERIES. 

SECTION  1. — All  securities  shall  be  delivered 
before  quarter  past  two  o'clock  p.  m. ;  and  when 
deliveries  are  not  made  by  that  time  the  contract 
may  be  closed  under  the  rule,  after  due  notice  to 
the  defaulting  party,  in  the  manner  provided  in 
Art.  21.  Such  notice,  however,  must  be  given 
not  later  than  half  past  two  o'clock,  and  the  con- 
tract must  be  closed,  without  delay,  unless  the 
time  for  so  doing  be  extended  by  mutual  consent. 
In  absence  of  any  notice  or  agreement  the  con- 
tract shall  continue  with  interest  until  the  fol- 
lowing day. 

This  rule  shall  apply  to  the  receipt  and  delivery 
of  borrowed  securities,  and  any  party  failing  to 


22 

perform  his  contract  in  such,  securities,  shall  he 
liable  for  the  damage  that  may  accrue.  All  con- 
tracts over  three  shall  require  one  day's  notice, 
at  or  before  two  o'clock. 

SECTION  2. — All  contracts  maturing  during  the 
regular  closing  of  the  transfer  books,  shall  be 
delivered  by  power  and  certificate,  in  lots  of  not 
over  one  hundred  shares. 

SECTION  3. — All  purchases  and  sales  shall  be 
settled  on  the  next  business  day,  unless  expressed 
to  the  contrary ;  and  all  contracts  falling  due  on 
Sundays,  or  on  such  holidays  as  are  observed  by 
the  Banks  shall  be  settled  on  the  preceding  day. 

SECTION  4. — When  two  holidays  occur  on  con- 
secutive days,  as  when  Sunday  immediately  pre- 
cedes or  follows  a  legal  holiday,  contracts  falling 
due  on  the  first  of  such  holidays,  shall  be  settled 
upon  the  business  day  immediately  preceding, 
and  those  maturing  upon  the  second  of  such  holi- 
days shall  be  settled  upon  the  business  day  next 
following  the  same. 

SECTION  5. — Deliveries  shall  either  be  made  by 
transfer,  or  by  power  and  certificate  of  stocks, 
when  more  than  one  transfer  a  day  is  allowed  on 
the  same  stock.  On  stocks  when  only  one 
transfer  a  day  is  allowed,  deliveries  shall  be  made 
by  power  and  certificate  only,  and  in  lots  of  not 
over  one  hundred  shares. 

SECTION  6. — In  delivery  of  stock  by  power  cer- 
tificate, the  receiver  shall  have  the  right  to 
demand  that  the  certificates  shall  be  in  the  name 
of,  witnessed  or  guaranteed  by  a  member  of  the 
Exchange,  excepting  as  to  stocks  admitted  from 
the  California  market,  which  have  no  transfer 
offices  in  this  city.  In  siich  cases  the  stock  shall 


stand  in  the  name  of  such  persons  as  may  be  ap- 
proved of  and  designated  by  the  Board  of  Direc- 
tors. 

SECTION  7. — Powers  of  Attorney;  or  substitu- 
tion, signed  by  Trustees,  Guardians,  Executors, 
Administrators  or  Attorneys,  shall  not  be  a  good 
delivery.  This  rule  shall  not  apply  to  mining  and 
manufacturing  shares  in  the  name  of  a  trustee. 
Detach  powers  of  attorney,  or  substitution,  must 
be  attested  by  a  notary  public  under  seal. 

SECTION  8. — In  the  delivery  of  any  security 
dealt  in  at  the  Exchange,  the  seller  may  require 
payment  in  a  duly  certified  check  on  a  city  bank, 
or  in  lawful  money  upon  delivery. 

SECTION  9. — Eeclamations  for  irregularities  in 
deliveries  of  stocks,  when  such  irregularities  do 
not  effect  their  validity,  but  only  currency  in  the 
market,  willnotbe  considered  unless  made  within 
ten  days  from  the  day  of  delivery. 

SECTION  10. — All  corporations  whose  stock  is 
dealt  in  at  this  Exchange,  shaU  be  required  to 
give  thirty  days  notice  in  writing,  prior  to  any 
increase  in  the  capital  stock  of  such  company  or 
the  creation  of  any  mortgage  or  deed  of  trust  on 
its  property,  said  notice  to  be  read  publicly  by  the 
presiding  officer  and  posted  within  the  Exchange 
Eoom ;  and  no  increased  stock  shall  be  a  good 
delivery  upon  contracts  made  previous  to  such 
notice,  and  the  stock  of  any  company  violating 
this  provision  shall  be  stricken  from  the  list  of 
stocks,  at  the  discretion  of  the  Board  of  Direc- 
tors. 

AETICLE  XXXI. 

DIVIDENDS. 

SECTION  1. — On  the  day  of  closing  the  transfer 
books  of  any  stock  or  dividend,  transactions  in 


24 

such  stock  for  cash,  shall  he  "  dividend  on"  up  to 
the  time  officially  designated  for  the  closing  of 
the  books ;  all  transactions  other  than  for  cash 
shall  be  "  dividend  off"  after  a  quarter  past  two 
p.  m.,  or  after  the  closing  of  the  books,  should 
they  close  before  that  hour. 

SECTION  2. — When  a  dividend  is  declared  bn  a 
Security,  during  the  pendency  of  a  contract,  the 
seller  shall  collect,  hold,  allow  interest  on,  and 
pay  the  same  to  the  buyer  on  the  settlement  of 
the  contract. 

SECTION  3. — Members  may  charge  one  per 
centum  for  collecting  and  paying  dividends.  But 
when  a  scrip  or  stock  dividend  has  been  declared 
by  a  company,  the  one  per  cent,  shall  be  upon 
the  market  value,  and  not  upon  the  par  value  of 
the  scrip  or  stock. 

SECTION  4. — No  offer  to  buy  or  sell  dividends 
on  stocks  shall  be  made  publicly  at  the  Ex- 
change. 

AETICLE  XXXII. 

DEFAULTS. 

SECTION  1. — In  all  cases  where  an  officer  may 
be  directed  to  buy  or  sell  securities,  under  the 
provisions  of  Article  21,  the  name  of  the  member 
defaulting  as  well  as  that  of  the  member  giving 
the  order  shall  be  announced. 

SECTION  2. — No  order  for  the  purchase  or  sale 
of  securities,  under  the  rule,  shall  be  executed, 
unless  made  out  in  writing  over  the  signature  of 
the  party  giving  the  order,  who  shall  state  the 
reason  therefor,  and  it  shall  be  the  duty  of  the 
officer  who  executes  this  order  to  endorse  thereon 
the  name  of  the  purchaser  or  seller,  the  price  and 


the  hour  at  which  the  contract  is  closed,  and 
hand  the  same  to  the  Secretary  of  the  Exchange, 
who  shall,  within  twenty-four  hours,  ascertain 
whether  the  party  for  whose  account  the  order 
was  given  has  paid  the  difference,  if  any,  arising 
from  the  transaction.  If  not  paid  the  Secretary 
shall  report  the  default  to  the  President.  The 
duty  devolving  upon  the  officers  of  the  Exchange 
under  this  rule,  shall  be  performed  without 
charge. 

SECTION  3. — No  party  shall  he  permitted  to 
supply  offers  to  buy  or  sell  securities  closed  for 
bis  account  under  the  rule. 

SECTION  4. — When  a  contract  is  closed  under 
this  rule,  any  action  of  the  defaulter,  direct  or 
indirect,  by  which  the  prompt  fulfilment  of  such 
contract  is  delayed,  hindered,  or  evaded,  to  the 
detriment  of  the  other  contracting  party,  shall 
subject  the  offending  party  to  suspension  for  not 
less  than  thirty  days,  or  expulsion  from  the  Ex- 
change, in  the  discretion  of  the  Board  of  Direc- 
tors, by  a  vote  of  two-thirds  of  the  members 
present  at  meeting. 

SECTION  5. — Should  any  stock  thus  sold  not  be 
delivered  until  the  next  day,  the  contract  shall 
continue,  but  the  party  defaulting  shall  be  liable 
to  pay  such  damages  as  may  be  assessed  by  the 
Arbitration  Committee. 

SECTION  6. — The  same  rule  as  to  notice,  time 
and  place,  that  govern  defaults  in  other  contracts, 
shall  apply  to  borrowed  or  loaned  in  open  market 
except  in  case  of  actual  default  in  receiving  or 
delivering,  after  notice  to  close  the  loan,  then  the 
same  are  to  be  bought  or  sold,  as  the  case  may  be, 
for  account  of  the  defaulter. 


26 

SECTION  7. — In  case  of  a  failure  of  a  creditor  to 
close  the  contract  as  above,  the  price  shall  be 
fixed  by  the  price  current  at  the  time  such  con- 
tract ought  to  have  been  closed  under  the  rule. 

AETICLE  XXXIII. 

CONTESTED  CLAIMS. 

SECTION  1. — The  Presiding  Officer  shall  decide 
all  contested  claims  for  sales  or  purchases,  when 
he  has  sufficient  cognizance  of  the  transaction  to 
form  an  intelligent  opinion ;  but  an  appeal  from 
his  decision  shall  be  entertained,  provided  it  be 
seconded  by  a  disinterested  member,  and  the 
question  shall  be  for  sustaining  or  reversing  the 
decision  of  the  Chair.  If  the  presiding  officer  has 
not  sufficient  knowledge  of  the  transaction  to 
decide  the  ease,  he  shall  take  the  vote  of  the  mem- 
bers present. 

SECTION  2. — During  the  settlement  of 'disputes 
as  to  claims  of  purchases  and  sales,  only  claim- 
ants shall  be  allowed  to  speak  without  consent  of 
the  presiding  officer,  and  all  others  who  may  in- 
terrupt shall  be  fined.  _  • 

AETICLE  XXXIV. 

PRESIDENT  MAY  INFLICT  PENALTIES. 

SECTION  1. — No  member  shall  use  indecorous 
language  to  the  presiding  officer  or  to  any  fellow 
member ;  nor  shall  any  member  interrupt  the  pre- 
siding officer  while  performing  the  duties  of  the 
Chair,  or  any  other  member  while  speaking. 

SECTION  2. — As  a  means  of  preserving  order, 
the  presiding  officer  may  inflict  a  fine  not  to  ex- 
ceed Five  Dollars  for  all  cases  of  infraction  of  this 
rule,  or  of  disorder  of  any  kind,  from  which  there 
shall  be  no  appeal ;  and  no  member  shall  be  per- 


27 

mitted  to  consume  the  time  of  the  Exchange  by 
questioning  the  propriety  of  the  fines  inflicted. 

SECTION  3. — It  shall  be  the  duty  of  every  mem- 
ber, by  the  practice  of  order  and  decorum,  to  do 
all  in  his  power  to  facilitate  the  transaction  of 
business ;  and  any  member  who  shall  violate  this 
duty,  and  indulge  in  acts  of  insubordination  and 
unseemly  conduct,  to  the  injury  of  the  interests 
of  the  Exchange,  shall  be  admonished  before  the 
Exchange  by  the  President,  of  the  necessity  of  a 
reformation,  and  if,  after  that,  he  shall  continue 
the  obnoxious  conduct,  the  Board  of  Directors 
may  suspend  him  from  the  privileges  of  the  Ex- 
change for  a  period  no  exceeding  one  year. 

ARTICLE  XXXV. 

RULES. 

SECTION  1. — Every  member  while  dealing  in 
stocks,  shall  remain  within  the  area  appropriated 
to  members ;  and  no  member,  except  officers  on 
duty,  shall  be  permitted  on  the  Rostrum  during 
any  session  of  the  Exchange. 

SECTION  2. — Any  member  bidding  for  or  offering 
stock  while  on  the  Rostrum,  shall  be  fined,  at  the 
discretion  of  the  presiding  officer,  not  to  exceed 
One  Dollar  for  each  offence. 

SECTION  3. — Any  member  smoking  in  any  part 
of  the  Exchange,  where  the  Committee  of  Ar- 
rangements may  decide  to  prohibit  the  same, 
shall  be  fined  not  less  than  One  Dollar  or  more 
than  Five  Dollars. 

SECTION  4. — No  persons,  other  than  regular 
members  of  the  Exchange,  shall  be  allowed  to  buy 
or  sell  stocks  or  other  securities  within  the  Ex- 
change at  any  time. 


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No  persons  other  than  members  shall  at  any 
time  be  admitted  within  the  area,  without  consent 
of  the  presiding  officer,  or  Chairman  of  the  Com- 
mittee of  Arrangements. 

AETICLE  XXXVI. 

DEALING  WITH  NON-MEMBEKS. 

Any  member  of  this  Exchange,  dealing  with  a 
person  not  a  member,  in  the  rooms  of  the 
Exchange,  shall  be  subject  to  the  penalty  of  sus- 
pension for  not  less  than  sixty  days,  nor  more 
than  twelve  months. 

AETICLE  XXXVII. 

COMMISSIONS. 

SECTION  1. — Any  member  doing  business  for 
less  than  the  rates  fixed  by  the  Board  of  Directors, 
shall  be  liable  to  suspension  by  the  Board  of 
Directors  for  a  period  of  thirty  days,  and  for  a 
second  offence,  may  be  expelled  by  a  vote  of  a 
majority  of  the  Board  of  Directors. 

Provided,  however,  that  nothing  in  this  Article 
shall  prevent  members  from  closing  business  for 
one  another  without  restriction  as  to  commis- 
sions. 

SECTION  2. — The  Board  of  Directors  shall  hear 
all  cases  of  alleged  violation  of  this  Article  and 
determine  as  to  the  truth  of  the  charge  from  the 
evidence  brought  before  them. 

PAYMENTS  AND  DELIVEEIES  IN  CEKTAIN  CASES  TO  BE 

SIMULTANEOUS. 

In  all  deliveries  of  stocks,  bonds,  etc.,  the  party 
delivering  shall  have  the  right  to  require  the  pur- 
chase money  to  be  paid  at  the  time  and  place  of 
delivery. 


REGULATING  COMMISSIONS. 

SEC.  1.— The  commission  on  Mining  Stocks 
selling  in  the  market  shall  be  as  follows : 

St'ks  selling  under  50c.  p.  sh.,  corn.  50c.  p.  100  sh. 

"  at    50c.  p.  sh.  and  under  $  1.00  "  $1.00  " 

"  at  $1.00  "        "       2.00  "    2.00  " 

"  at    2.00  "        "       5.00  "    3.00 

"  at    5.00  "        "      10.00  "    5.00  " 

"  at  10.00  "        "     20.00  "    6.25 

"  at  20.00  "     andorer  12.50  " 

When  one  member  merely  buys  or  sells  for 
another  (giving  up  his  principal  on  the  day  of  the 
transaction),  and  does  not  receive  or  deliver  the 
stock,  his  commission  shall  be  one-half  the  above 
rates. 

On  all  stocks  selling  at  $1  and  under,  bids 
and  offers  must  not  be  less  than  one  cent  apart. 

On  all  stocks  selling  over  $1  and  under  $5,  bids 
and  offers  must  not  be  less  than  five  cents  apart. 

On  all  stocks  selling  above  $5,  bids  and  offers 
must  not  be  less  than  one-eighth  apart. 

The  commissions  on  no  transaction  shall  be 
less  than  one  dollar. 

ARTICLE  XXXVIII. 

PLACES  OF  BUSINESS. 

SECTION  1. — Every  member  must  have  in  the 
vicinity  of  the  Exchange,  a  place  of  business 
other  than  the  Exchange,  where  comparisons 
may  be  made  upon  the  day  of  the  transaction 
and  where  all  notices  may  be  served ;  and  it  shall 
be  the  duty  of  every  member  to  keep  filed  with 


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the  Secretary  a  written  notice,  designating  such 
place  of  business,  and  similarly  to  give  notice  of 
any  change  thereof. 

SECTION  2. — Any  member  neglecting  to  comply 
with  this  rule,  may  be  considered  in  default  on  his 
contracts  and  such  contracts  may  be  closed  out 
under  the  rule. 


